UPDATE 1-Indian auto makers cheer small car duty cut

Newswire

(Adds price cut details, comment) MUMBAI, Feb 28 (Reuters) - Shares in Indian auto makers surged on Tuesday after the finance minister proposed a cut in duty on small cars in the budget for the year to March 2007. Palaniappan Chidambaram lowered the excise duty on small cars to 16 percent from 24 percent to promote India as a hub for small cars, sending shares in top car maker Maruti Udyog Ltd. up by nearly 6 percent to a record 834.20 rupees. Maruti, in which Japan's Suzuki Motor ...

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